Category: Business Daily

Lawyers and the Judiciary are locked in a fight over the role of non-advocate court-backed mediators in settling cases amid fears that the expanding mediation is shrinking traditional legal work and income for attorneys.

At the centre of the dispute are allegations of unregulated advertising of mediation services by non-advocate mediators, transparency in case allocation, mediator accreditation, remuneration, and competence.

This is compounded by fears that mediators are gradually taking over legal work traditionally handled by lawyers, especially those who specialized in commercial, land and property disputes.

Court-Annexed Mediation (CAM) is the Judiciary’s alternative dispute resolution programme designed to settle disputes outside lengthy court hearings, reduce case backlog and preserve relationships, and it has resolved disputes worth Sh52.2 billion since its launch in 2016.

Following the tension, the Judiciary and the Law Society of Kenya (LSK) have now entered urgent negotiations to contain the conflict and prevent disruptions to the fast-growing mediation programme.

The tension escalated recently after sections of advocates, particularly in Nairobi, threatened to boycott judicial directions requiring their clients to participate in mediation proceedings led by individuals without legal training.

The lawyers argued that the Judiciary was enabling non-lawyers to encroach on legal practice through mediation. They cited the Advocates Act, which bars persons without practising certificates from practising law. They framed the issue as a “Judiciary-aided infiltration” of their profession.

The standoff forced the Judiciary Steering Committee on Mediation and the LSK into negotiations that culminated in a joint communiqué signed at Milimani Law Courts.

In the document, the two institutions acknowledged growing complaints from advocates over mediator competence, ethical standards, accreditation delays, remuneration and transparency in the allocation of cases.

The Judiciary and the LSK also agreed to investigate allegations involving misuse of Judiciary logos and unregulated advertising by non-advocate mediators.

The concerns have intensified as mediation increasingly handles high-value commercial, family, succession and land disputes that traditionally generated substantial legal fees for advocates through court proceedings.

At the centre of the silent turf war is the Judiciary’s payment system for mediators and growing anxiety among unemployed and underemployed lawyers over shrinking opportunities within traditional litigation practice.

Under the Court-Annexed Mediation programme, the Judiciary pays mediators a flat Sh20,000 per case regardless of the value of the dispute or property involved.

Each mediation matter is expected to be concluded within 60 days, making the process significantly faster than ordinary litigation which can take years.

Cases are allocated through an online Judiciary system, although parties remain free to mutually select their preferred mediator.

Some mediators currently serve up to six court stations due to growing demand for mediation services across the country.

There are at least 1,515 accredited mediators nationwide following the expansion of mediation services to all 47 counties and more than 100 court stations and sub-registries.

The mediation programme currently covers the High Court, Magistrates Courts, Kadhi Courts, Small Claims Courts, the Employment and Labour Relations Court, the Environment and Land Court, the Court of Appeal and several tribunals.

The joint communiqué reveals the extent of institutional concern over how the mediation system is operating.

The Judiciary and the LSK agreed to strengthen oversight mechanisms, tighten regulation of mediators and improve transparency in the screening, allocation and referral of cases under CAM.

‘We resolve to develop and implement a mechanism to collect and analyse mediation payment practices to ensure fairness, transparency, and timely remuneration for mediators particularly addressing concerns raised by advocate mediators,’ the communiqué states.

The two institutions further resolved to strengthen regulation, accreditation and oversight of mediators operating within the CAM framework in order to uphold professional integrity and public confidence in mediation services.

‘This will also entail investigating allegations of misuse of Judiciary logos and unregulated advertising by non-advocate mediators and enforcing regulatory compliance,’ the communiqué says.

The Judiciary and the LSK also pledged to work with the Attorney-General’s office to develop new Alternative Dispute Resolution legislation and policy aimed at strengthening mediation practice.

A technical committee comprising representatives from both institutions is expected to develop an action plan and report back within 45 days.

But mediators insist they are being unfairly targeted by sections of the legal profession resisting structural changes within the justice system.

Mr James Mutitu, a mediator, said mediators do not compete with lawyers because their role is limited to helping parties reach amicable settlements.

‘We get cases from the Judiciary, not from lawyers. Cases are allocated by the Judiciary. It is also a choice for parties in a dispute to submit themselves to mediation,’ he said.

Mr Mutitu defended the participation of non-lawyers in mediation, arguing that dispute resolution requires negotiation and reconciliation skills rather than legal training.

‘To be a mediator you do not need to be a lawyer or have legal training. You need skills to bring people together, create harmony and resolve disputes,’ he said.

‘As mediators, we have no beef with lawyers. Lawyers should accommodate mediators within the mediation framework and rules.’

Chief Justice Martha Koome has consistently defended mediation as a critical pillar of justice reform, arguing that traditional litigation alone cannot address mounting case backlog and delayed justice.

Judiciary data shows the mediation programme has restored more than 8,115 relationships between disputing families and resolved thousands of disputes that had remained in court for years.

The Judiciary says mediation also provides confidentiality, flexibility and preservation of relationships because parties negotiate settlements outside adversarial courtroom battles.

The latest negotiations between the Judiciary and the LSK now highlight the delicate balancing act facing Kenya’s justice system as mediation expands while lawyers push to protect the boundaries of legal practice.

Can a bank help a farmer bounce back after a drought or a shopkeeper reopen quickly after a flood? It can – and it should. Climate change is now part of everyday banking in Kenya, but the story is not about blanket price increases. It is about smarter decisions, better products and support that keeps customers resilient.

Climate risk sits in two main categories: physical and transition. Physical risk has two faces. Acute shocks such as floods, storms and heatwaves cause sudden damage and disrupt cash flows.

Chronic shifts such as rising temperatures, sea-level rise and prolonged droughts slowly erode asset values and productivity. Transition risk is different. It arises from changes in policy, markets and technology as the world moves toward a lower-carbon economy.

Kenya is already feeling the strain, and so are our neighbours. Drought across arid and semi-arid counties has stressed farm incomes and agri-processors. Flooding along river basins and in urban areas has damaged homes and businesses, weakening collateral and disrupting trade.

Regulators and markets are responding. The Central Bank of Kenya (CBK) issued guidance on climate risk management and is steering clearer disclosure and green finance. Supervisors across East Africa are moving in the same direction.

International lenders and investors increasingly favour banks that show strong climate-risk practices. Those who get ahead will find it easier to access capital and defend margins.

Treat climate risks like any other part of lending. Look at which sectors and places have been hit by floods or droughts before, check missed payments and changed loan terms after those events, and spread risk so you’re not too exposed in one area. Keep pricing fair – make sure the way you value collateral reflects location and resilience.

How banks value collateral can help customers prepare and recover. If a valuation flags flood risk, the bank can offer advice and finance for practical fixes – drainage, raised floors, stronger roofs or backup power.

When customers make these upgrades, lenders can reflect the lower risk with better terms, longer loan periods or lighter collateral, and after severe weather the same information can support grace periods or quick repair loans, so businesses reopen sooner.

Valuations should be guided by location and resilience, with clear notes on site, hazards, building quality and energy performance, so lenders and borrowers share the same facts and plan improvements.

Forward-looking analysis is about readiness, not alarm. Banks already use scenarios to test portfolios under different economic paths.

Adding climate-related assumptions – lower yields in droughts, higher operating costs in heatwaves, temporary closures after storms – helps management plan cushions and contingency actions. That planning supports steady lending through tough periods and avoids sudden tightening when customers need credit most.

Governance turns good intentions into daily practice. Clear ownership keeps climate risk on the agendas of credit committees and balance sheet discussions. The three lines of defence make this work.

The first line – front-line business teams in lending, pricing, collections and collateral – own the risk day to day and build climate factors into origination and monitoring.

The second line – risk and compliance – sets policy, limits and controls, measures exposure by sector and geography, and challenges decisions when concentrations grow.

The third line – internal audit – provides independent assurance, testing whether policies are applied, models and assumptions are fit for purpose, and reporting gaps are closed.

There is real upside. Demand is growing for energy-efficient mortgages, climate-smart agriculture finance and clean-energy assets such as solar mini-grids. Partnerships with insurers, development banks and guarantee schemes can share risk and reduce overall borrowing costs.

Climate change will keep testing Kenya’s financial system, but a strategic approach turns risk into resilience. Banks that act now – by integrating physical and transition risks into credit, pricing, collateral and capital decisions – will support customers, safeguard profitability and stay competitive.

That is not about alarm. It is about smarter banking that helps households and businesses weather the next storm and thrive the day after.

The recent comedian and businessman Sammy Kioko dispute with Machakos County has once again exposed a dangerous but deeply entrenched problem within Kenya’s devolved governance system: counties entering into contracts without the financial capacity to honour them.

While public attention often focuses on individual disputes between counties and suppliers, the broader issue is systemic. Counties continue to accumulate billions of shillings in pending bills owed to contractors, consultants, and small businesses that have delivered goods and services. This is no longer an accounting issue. It is becoming a governance, economic, and credibility crisis.

As of June 30, 2025, county governments collectively reported approximately Sh183 billion in pending bills. Of this amount, Sh130.8 billion relates to recurrent expenditure while Sh52.2 billion is tied to development projects.

Nairobi County alone accounts for more than Sh86.8 billion in outstanding obligations, with counties such as Kilifi, Machakos, and Kiambu also carrying significant debt burdens.

Behind these numbers are real businesses and livelihoods.

Thousands of small businesses, consultants, contractors, and service providers continue to suffer because counties delay or fail to honour payment obligations. Many of these businesses take loans, mobilise workers, purchase materials, and commit operational resources based on signed county contracts.

When payments delay for months or years, businesses experience cash flow crises, layoffs, loan defaults, and in many cases collapse entirely. Families suffer, jobs disappear, and investor confidence weakens.

The ripple effect extends beyond suppliers. Delayed county payments weaken local economies, affect banking sector exposure, discourage investment in public projects, and erode trust in government procurement systems. What is particularly worrying is that this problem has persisted since the onset of devolution in 2013.

Every election cycle introduces new county administrations, but the financial culture often remains unchanged. Incoming governments inherit pending bills from previous administrations while simultaneously launching new projects and issuing fresh tenders. As a result, liabilities continue to grow faster than counties can realistically settle them.

At the centre of this crisis is poor and, in some cases, careless financial planning.

Many counties issue tenders without having adequate cash reserves, secured financing, or realistic visibility on where the money will come from. Procurement commitments are often made ahead of actual revenue availability or lawful appropriation.

In simple terms, counties are spending money they do not yet have.

This undermines the principles of prudent public finance management under the Constitution and the Public Finance Management Act, which require public expenditure to be anchored on approved budgets and lawful appropriations.

Counties should, therefore, only enter into contracts that are fully supported by budget allocations and realistic revenue projections.

Yet political pressure to launch visible projects, satisfy competing interests, or demonstrate development progress often overrides fiscal discipline. Counties end up prioritising political optics over financial sustainability.

The result is predictable: ballooning pending bills, stalled projects, court battles, and financial distress for businesses.

The Senate Committee on County Public Accounts and Investments has already raised alarm over the growing backlog of pending bills and directed counties to prioritise debt settlement before initiating new expenditures. Some legislators have even proposed freezing new county projects in the 2026/2027 financial year until outstanding obligations are addressed.

These conversations are necessary, but Kenya now requires stronger and more enforceable reforms.

First, county procurement must be strictly tied to approved budgets and appropriation laws. Counties should be prohibited from issuing tenders or signing contracts unless funding has already been secured and legally appropriated.

Second, accounting officers who commit counties to unfunded expenditures should face personal accountability under public finance laws. There must be consequences for reckless financial commitments that expose taxpayers and businesses to avoidable losses.

Third, counties should adopt transparent procurement and payment tracking systems that allow suppliers and oversight institutions to monitor project commitments and payment status in real time.

Most importantly, Kenya must institutionalise a culture of fiscal discipline within devolved governance.

Devolution was created to accelerate development and bring services closer to wananchi. But without responsible financial management, it risks becoming a cycle of unsustainable debt, incomplete projects, and broken trust between government and the private sector.

The Kioko matter should therefore not be viewed as an isolated incident. It is a warning sign of a much larger structural problem that demands urgent attention.

If county governments are serious about supporting local businesses, protecting taxpayers, and restoring confidence in public procurement, then the principle must be clear:

Counties should only contract within approved budgets and available resources.

In public finance, as in business, there should be one guiding rule: No budget, no contract.

National carrier Kenya Airways added 430 staff last year despite reduced operations, largely resulting from the grounding of aircraft during the period.

The airline’s workforce reached 5,672 from 5,242 staff at the end of 2024, after it added 67 permanent employees and 363 contracted workers, according to disclosures in its latest 2025 annual report.

The bulk of employee costs, at Sh20.8 billion, comprised wages and salaries, with the balance covering retirement benefit costs, contributions to the National Social Security Fund (NSSF) and leave pay accruals.

Operations disruption

Kenya Airways, known by its international code KQ, saw its operations significantly disrupted by the grounding of three aircraft in the first half of 2025. This reduced passenger numbers and weighed on the airline’s profit prospects.

‘During the year, the company grounded three Boeing 787-8 Dreamliner aircraft, representing 33 percent of its wide-body fleet. This reduction in operational capacity adversely affected the airline’s performance, leading to lower passenger numbers and reduced revenue generation,’ KQ said in its annual report.

The grounding of the three aircraft meant KQ missed out on the aviation industry’s continued recovery, which was underpinned by strong passenger demand, particularly on international routes.

KQ returned to the red during the period, posting a net loss of Sh17.1 billion in 2025, reversing a net profit of Sh5.4 billion in the year to December 2024 as passenger and freight revenues declined.

Fleet shift

The carrier’s fleet fell to 37 from 43 in 2024, even as KQ added three new aircraft during the period, including one Boeing 737-800 and two Bombardier Dash 8 passenger aircraft.

The additions are part of KQ’s ongoing fleet expansion strategy, under which the airline has committed to increasing its capacity, improving operational efficiency and meeting growing demand for air travel across its network.

The acquisitions were undertaken through lease arrangements, including deposits to manufacturers like Boeing.

The fleet comprises seven Boeing 787 wide-body jets, nine Boeing 737 narrow-body aircraft, seven Embraer regional jets, four Boeing 737 freighters and 10 Bombardier Dash 8-400.

KQ expanded its network in the year despite reduced capacity, increasing destinations from 43 to 47 across Africa, the Middle East, Asia, Europe and North America.

Passenger revenue in 2025 fell to Sh131.3 billion from Sh156 billion a year earlier.

Freight and mail revenue declined to Sh15.4 billion from Sh16.2 billion, while handling revenue slid to Sh2.3 billion from Sh2.5 billion.

KQ said it undertook measures to ensure optimal staffing levels, improve productivity metrics and strengthen cost discipline through its Human Resources Committee.

‘During the year, the committee supervised a comprehensive workforce planning exercise, aligning headcount, skills mix and cost structures to the company’s recovery and growth strategy,’ KQ said.

Do you remember a time when advice was refreshingly simple?

‘You seem overwhelmed.’

‘Maybe you need rest.’

‘Perhaps this job is no longer working for you.’

Fast forward to the present. Several coaching conversations begin with questions that sound more like a university philosophy seminar.

‘What is your ultimate purpose?’

‘Who is your authentic self?’

‘Are you aligned with your core identity?’

Suddenly, a person who simply wanted help managing stress or figuring out their next career move is now questioning their entire existence. It like life before this conversation had no meaning but just motion.

Coaching has become one of the fastest-growing tools for personal and professional development. According to the International Coaching Federation Global Coaching Study, the majority of clients report improved confidence, communication, and work performance after coaching engagements. And this is a good thing right?

Yet somewhere along the way, coaching also developed a love affair with existential buzzwords-see I have also used a big word.

Terms like purpose, clarity, alignment, and identity are now thrown around so casually that clients can leave sessions feeling more anxious than empowered. At least the initial conversation feels as much – remember the first impression lasts-so make it a good memory.

Read: What mental health at work needs

And that is the irony. The average person is not waking up every morning searching for their ‘higher calling.’ Most people are trying to survive traffic, deadlines, difficult bosses, rising costs of living, family pressure, and a WhatsApp group that refuses to sleep.

A simple problem like: ‘I think I need a new job’ quickly becomes: ‘Let us unpack your identity crisis.’

That escalation may sound humorous, but for many clients it creates real pressure. A 2021 study published in the Journal of Happiness Studies found that while having a sense of purpose can improve wellbeing, the intense pressure to constantly pursue and define purpose can also increase anxiety and reduce life satisfaction.

The truth is, clarity is not always a lightning bolt moment. And if you already got it before your coaching session – BRAVO to you.

For many people, it is trial and error. It is changing careers at 40+ years. It is discovering you enjoy baking more than banking. It is realising your ‘purpose’ may simply be raising decent children, earning an honest simple living, and finding peace of mind. And that is perfectly fine, yes very fine and this need to be seen as being enough. Why should it not be?

Good coaching should simplify life, not make clients feel like they are failing an advanced philosophy exam. Research in Coaching Psychology: A Practical Guide emphasises that effective coaching relies heavily on psychological safety, mutual understanding, and shared language between coach and client.

In simple terms, people grow faster when they feel understood – not intimidated.

Just in case your client has to secretly Google coaching terminology after a session, something has already gone wrong. Perhaps this is where coaching needs to evolve.

Instead of: ‘Do you have total clarity?’ Maybe ask: ‘What is the next small step you want to take?’

Instead of: ‘Let us redefine your identity.’ Maybe ask: ‘What matters most to you right now?’

The best coaches are not necessarily the ones with the deepest vocabulary. They are the ones who can translate complex ideas into language that feels human, practical, and safe.

They meet clients where they are instead of dragging them into concepts they may never have considered before. Or even worse, make them fit into a theory or a system that they have created and claim it is tested and works.

Because not everybody is searching for a grand purpose. Yes please. Not everyone. Some people are searching for stability. Some are searching for rest. Some are simply trying to make it through the month with their sanity intact. And perhaps that deserves just as much respect.

Maybe the future of coaching is not about sounding deeper. Maybe it is about becoming easier to understand – one clear, jargon-free conversation at a time. My fellow coaches – let us try this simplicity – I confirm it works.

Metropolitan Sacco is facing mounting liquidity pressure as a surge in member exits forces the troubled institution to refund the withdrawing depositors following orders from co-operatives tribunal.

The sacco, which is pursuing its former officials on the back of an untraceable Sh50 billion loan book and negative equity of Sh12 billion, has left its members worried over the entity’s future, triggering exit applications.

A growing number of members seeking to withdraw their savings have turned to the Co-operative Tribunal to compel payment, with case records showing a consistent pattern of rulings in their favour.

Regulatory filings show the sacco closed 2024 with Sh7.41 billion deposits and a Sh17.2 billion loan book that had a default rate of 98.99 percent -adding to its woes.

Exits pressure

The co-operatives tribunal has been ordering Metropolitan Sacco to refund members their deposits alongside costs and interest from the date of filing, deepening the strain on its already stretched liquidity. The orders could see remaining members lose their deposits in the absence of loan recoveries.

Between January and April this year, the tribunal issued such orders in favour of 33 members, building on the 104 that were made against Metropolitan in 2025 and at least 49 in 2024.

In one of the latest cases ruled by the tribunal in April, Martha Muthoni Gachoya proved that she had saved Sh128,243 but the sacco had failed to refund the money after applying to exit.

The tribunal dismissed Metropolitan’s argument that customers were bound by a 2022 resolution of an annual general meeting that suspended payment of refunds to allow the sacco to achieve a sound financial position to accommodate refunds.

‘Indeed, the resolution was passed, but as we write the judgment neither shows if the resolution still stands if at all. The respondent’s (Metropolitan) argument of not being financially stable is not an excuse to not pay the claimant (Martha) her dues,’ ruled the tribunal on April 30.

‘As much as we sympathise with the respondent on financial inability to repay, the claimant is entitled to their dues. They cannot be held captive to a society, yet they joined voluntarily.’

Metropolitan is among five saccos which the Sacco Societies Regulatory Authority barred from receiving deposits early this year, allowing them to operate under restricted credit-only permits. This came on the back of suspected multi-billion shillings fraud that spooked savers, leading to disrupted operations.

Fraud charges

On Tuesday, 19 former officials of the sacco were charged with nine counts, including suspected conspiracy to defraud the sacco of Sh14.49 billion on diverse dates between 2012 and 2021.

Ms Gachoya’s favourable ruling was one of at least four rulings that were made against Metropolitan on the same day, April 30. Others were in favour of Clare Akasa Juma who was seeking Sh445,527, Ernest Kiplangat Koech (Sh99,069), and Edward Macharia (Sh287,091).

Seven days earlier, Metropolitan had, on April 23, been hit with nine rulings in favour of savers in a single day. The awards included Sh261,189 in favour of Josephat Atsunga, Agnes Nyaruri Isaaka (Sh450,513), Mary Wangari Kiarie (Sh539,235) and Lucy Nyambura Mani (Sh379,490).

‘The claimant cannot be forced to be part of a society which she joined voluntarily and has expressed interest in withdrawing,’ ruled the tribunal in the matter involving Ms Kiarie.

Cash crunch

Metropolitan has revealed pressure in servicing the refunds, as was captured in the case involving Ms Mani. In the case, the tribunal says the defence by Metropolitan was that there is a need for a structured payment ‘due to numerous cases’ of withdrawal that ‘have overwhelmed the society.’

Other awards made on April 23 against the sacco were in favour of Stanley Mbogo Mukiri (Sh255,091), Cecilia Njoki Ndiritu (Sh367,928), Anthony Irari Ngugi (Sh657,191), Sarah Karuana Nyaga (Sh648,039) and Zakaria Benjamin Walumbe (Sh464,516).

In the case of Mr Walumbe, Metropolitan told the tribunal that the sacco has been going through ‘turmoil’ and it is ‘overwhelmed’ by various applicants seeking to exit as a result of mismanagement. The sacco said it was necessary to have a more structured approach to handle the outstanding cases.

Some members are going as far as seeking to attach the sacco’s bank accounts, as was the case with Ms Nyaga’s Sh648,039 claim. She sought the tribunal’s order to attach Metropolitan’s account at Co-operative Bank of Kenya.

The tribunal ordered Co-op Bank to freeze the sacco’s account and use the Sh1.01 million in the account to settle the member within five days.

Co-op Bank’s argument that it could not garnish the sacco’s account on ground that it owed it Sh5.8 million loan was struck out on grounds that Sh1.01 million was not held as security for the loan.

In 2023, the commissioner for cooperatives David Obonyo issued notices of surcharging the senior executives of the sacco in court over the misappropriation of Sh7.2 billion through fictitious dividend payments.

The value of the corporate bond market has soared four times in the past year, following a series of issuances driven by renewed investor interest and a rebound in debt-raising activities by firms seeking expansion capital.

Issued and outstanding corporate bonds now top Sh105.3 billion after successive borrowings from March 2025 by firms including Linzi Finco, East African Breweries Plc (EABL), Safaricom Plc, I and M Bank Limited and the Kenya Mortgage Refinance Company (KMRC).

In contrast, outstanding corporate bonds stood at only Sh25.9 billion in March last year before the start of rapid issuances, which have been supported by low interest rates on the traditional government bonds, incentivising investors to explore alternative asset classes.

This has diversified offerings for investors, with the corporate bonds offering annual returns of between 10.4 percent and 12.2 percent.

Government bonds are generating yields of between 8.9 percent and 14.7 percent in the secondary market at the Nairobi bourse.

The Sh44.79 billion Talanta Sports City-backed infrastructure bond, which was fully subscribed, kicked off the most recent corporate bond issuance run in June last year. Investors offered Sh44.875 billion, achieving a slight oversubscription of 100.2 percent.

The 15-year asset-backed bond with an annual return of 15.04 percent was listed on the Nairobi Securities Exchange (NSE) on July 8, in the restricted fixed income market sub-segment.

Proceeds from the bond were deployed to pay the contractor of the project, the China Road and Bridge Corporation (CRBC), which is tasked with works including the construction of a 60,000-seater stadium.

Sources indicated to this publication that the bond, which was issued by Linzi FinCo, the financing arm of the Liaison Group, was taken up exclusively by local investors.

EABL followed Linzi Finco to market, raising Sh16.7 billion in November 2025 from the first tranche of new Sh20 billion medium-term notes (MTN).

The brewer initially aimed to raise Sh11 billion from the opening tranche but saw investor subscription levels top 152.4 percent.

The firm took up its option of absorbing an additional Sh6 billion, which is referred to as a green-shoe option, leaving it with the headroom to borrow an additional Sh3.23 billion in future tranches.

EABL is set to deploy proceeds from the bond for general business purposes and to repay other borrowings.

The manufacturer made an early redemption of a previous five-year paper with an outstanding amount of Sh11 billion, and which was set to mature on October 30, 2026, before starting its latest MTN programme.

Safaricom rounded off 2025’s corporate bond issuances by raising Sh19.9 billion from the first tranche of its Sh40 billion MTN programme after a 177 percent oversubscription of the offer.

Total bids received for the issue were Sh41.6 billion, surpassing Sh15 billion telco.

The operator took up a Sh5 billion green-shoe option, accepting Sh20 billion from investors.

Safaricom’s bond was listed at the Nairobi bourse on December 11.

Analysts credited the rebound in the corporate bond market to the low-interest regime, which has incentivized investors to search deeper for relatively higher returns.

Read: Dealers rush for investment banking licences as corporate deals rebound

‘With government yields stabilising and credit spreads normalizing, investors are actively rotating into well-rated corporates that offer a yield pick-up above comparable sovereign securities,’ a research analyst told this publication previously.

The NSE has seen two corporate bond listings this month, including issuances of Sh13 billion by I and M Bank and Sh3 billion by KMRC.

I and M’s bond listed at the NSE on March 21 and is part of a larger Sh20 billion MTN programme expected to strengthen the lender’s capital position whilst diversifying the bank’s funding sources.

The bank is expected to use part of the proceeds from the bond to retire dollar-denominated debt, estimated at $50 million (Sh6.5 billion).

KMRC became the latest issuer to list a bond on the NSE after raising Sh3 billion from a second tranche bond which forms part of a Sh10.5 billion MTN programme that commenced in 2022.

The mortgage refinancing company issued a Sh1.4 billion first tranche bond in March 2022 which currently has an outstanding amount of Sh742.13 million.

The firm expects to return to market in 2028 with a third tranche issuance as it seeks to raise the remaining Sh4.9 billion from the medium-term bonds programme.

Other outstanding bonds include Sh3.8 billion Family Bank’s medium-term notes and Sh390.9 million Real People MTN issued in August 2015 and whose maturity is set for July 2028.

A further Sh3 billion Sharia-compliant bond by the Linzi Finco Trust is listed on NSE’s unquoted securities platform (USP).

Real People bond holders have been in a limbo after the firm defaulted on payments between 2015 and 2018 alongside Chase Bank, Imperial Bank, ARM Cement and Nakumatt Holdings.

The defaults which surpassed Sh10 billion in total culminated in a corporate bonds issuance drought as investors became weary of shaky issuers.

In the wake of the defaults, most of the remaining corporate bonds were repaid but fewer borrowers returned to the market for refinancing.

Those that settled their bonds on maturity included HF Group and CIC Insurance Group.

It starts well. A founder is in season. Press coverage is generous. Investors return calls within hours. Boardroom conversations carry the warmth of momentum. Recognition has finally caught up with years of quiet building. Awards arrive. Panels invite. Partners want proximity.

And then, sometimes without warning, the wind shifts. It might be economic chaos pulling revenue out from under projections. A personal choice an editor decides to amplify. A rivalry that finds an opening. A political association that ages badly.

An investor fallout that becomes public before it could be processed privately. Sometimes the founder is wrong. Often partially right. Occasionally simply unlucky. The market does not care for the distinction.

The cascade is familiar to anyone who has watched it unfold.

The calendar empties. WhatsApp groups go quiet. Calls returned within an hour now take three days, then a week, then nothing. The same people who toasted you last quarter struggle to find your eyes at the next industry event. Headlines that once celebrated your vision now interrogate your judgement.

The narrative thickens around the worst possible interpretation, and the founder discovers, often for the first time, that bad stories travel fast and good stories take ages.

The first instinct is almost always the wrong one. Silence. The hope that the storm will pass if you simply outlast it. Head in the sand, head down, push through. But silence in the digital age is not neutral. An unanswered question becomes a confirmed accusation. A refusal to engage is treated as an admission.

The story does not pause for your processing. It writes itself, and your absence becomes its main character. This is where the African Founders Operating System stops being theory and becomes triage.

Mindset is the first front. Do you internalise the attack or hold your knowing? Founders who collapse under reputational pressure have often, quietly, outsourced their self-concept to public perception. When the applause turned, the foundation went with it. Those who survive have done the harder interior work of separating identity from coverage long before the crisis arrived.

Emotionally, the load is brutal. Sleepless nights, intrusive replays of every misstep, the shame of being misread without the right of reply. Founders who name the strain early to a trusted few preserve bandwidth for clear decisions.

Socially, the terrain reveals itself. Hyenas move in from two directions. Competitors smell weakness and reposition. More painfully, some former allies quietly distance. Investors lengthen their decision timelines, hoping to wait you out. But also, sometimes unexpectedly, the real tribe surfaces.

People you barely knew show up with steadiness. People you thought were inner circle vanish. The crisis becomes an audit of relationships you did not know you needed.

Strategically, the question is timing and tone. Respond, stay silent, litigate, restructure, rebuild quietly. Each carries trade-offs. When the market discounts your value, conviction founders ask whether this is the moment to buy more stock in their own story rather than sell it down. Not through performance or denial, but through disciplined re-engagement with the work that matters.

Spiritually, the question is foundation. If your purpose was real, it survives the noise. If it was vanity dressed as mission, the noise reveals it.

Then there is the balance sheet no auditor will ever see. Social goodwill, banked quietly over years, becomes the only liquidity available in reputational drought. Founders who spent it carelessly in good seasons discover its absence quickly. Those who deposited consistently find unexpected reserves. But goodwill alone does not insulate. Marriages strain.

Board seats once affirming you may quietly not be renewed. Societal placement, the dinners, the invitations, the easy belonging, recalibrates without ceremony. The instinct is to grip tighter.

Why do politicians often survive these moments while founders rarely do? Politicians expect attack as terrain, not exception. They build constituencies of conviction, not transactions of convenience. They understand the half life of news cycles and convert scars into credentials. They tried to silence me becomes a campaign line.

Founders, by contrast, are trained in customer service posture. Apologise, fix, smooth over, move on. Useful in commerce, fatal in a reputation war. The founder who survives learns to think more like a statesman and less like a service provider, without losing the integrity that distinguishes the two.

In the age of AI and social media, the same instruments that wound can heal. Direct channels now allow founders to bypass intermediaries entirely. A clear written reflection, a long form interview, a podcast appearance, can reframe a narrative within weeks rather than years. The cost of voice has collapsed.

And there is a final, uncomfortable truth. Bad news sells, but authentic recovery sells longer. The founder who walks through the fire honestly, names what was theirs to own, refuses what was not, and rebuilds visibly, often emerges with more credibility than before the rupture. Not because the world is generous, but because honesty is rare.

Perhaps this is part of the drill. Every meaningful builder eventually meets a season where the story turns. The question is not whether it will come. The question is who you become while it is happening, and what you choose to build with the version of yourself that walks out the other side. Sometimes the reputation that breaks is the one that needed to.

The High Court has temporarily stopped the planned auction of Nairobi’s 14 Riverside Drive property complex after its owner, Cape Holdings Ltd, raised concerns over alleged undervaluation, procedural irregularities and opaque sale arrangements.

In court filings, Cape Holdings accused Synergy Industrial Credit and auctioneers of pursuing a flawed sale to recover a Sh1.66 billion arbitral award that has ballooned to more than Sh9 billion through accrued interest.

Part of the court documents includes a notification of sale dated March 18, 2026, indicating the outstanding debt stands at Sh10.6 billion. A September 2025 valuation report placed the property’s market value at Sh7.3 billion and its forced sale value at Sh5.4 billion.

Cape Holdings also complained of an alleged failure by Synergy to disclose a lawful reserve price and the use of defective auction documents.

‘The applicant’s property stands to be sold through a secretive and unlawful process marked by non-compliance with mandatory legal requirements,’ the company said in court papers.

Auction halt

The court issued interim orders halting the May 26 public auction pending further directions on June 2.

The dispute centres on efforts by Synergy Industrial Credit Ltd to recover money awarded in arbitration following a collapsed property transaction dating back to 2011.

Cape Holdings claimed the intended auction was riddled with ‘multiple procedural and substantive defects’ and designed to facilitate the sale of the property at an undervalue.

The company accused Moran Auctioneers of relying on stale notices issued in January 2022, failing to disclose a lawful reserve price and conducting the process in breach of the Auctioneers Rules and Civil Procedure Rules.

‘The entire process is irredeemably flawed, unlawful, and shrouded in secrecy,’ Cape Holdings said in the application backed by director Bipinchandra Sanghrajka’s affidavit.

Court documents show the property scheduled for sale is LR No. 209/19436, which houses the 14 Riverside Drive development.

Cape Holdings told the court that although a fresh valuation was conducted by Knight Frank in September 2025, the auction process still relied on reserve prices linked to valuations conducted nearly six years ago.

The company argued that warrants of sale issued in March 2026 did not disclose any reserve price.

It also claimed that a newspaper advertisement published on May 7 referred vaguely to ‘court guidelines’ without specifying the applicable reserve price.

‘In the absence of any fresh judicial determination fixing a reserve price on the basis of the 2025 valuation report, there exists no lawful reserve price governing the intended sale,’ the company said.

Cape Holdings also faulted the valuation report, arguing that it failed to distinguish portions already sold to third-party leaseholders from the residual property available for sale.

Long battle

According to the filings, the only notice served was a court-issued notification originally dated January 5, 2022, and later re-dated March 16, 2026.

Cape Holdings also disclosed plans to file a constitutional challenge against the debt, arguing that the accrued interest had become punitive and threatened to wipe out its asset base.

The dispute dates back to 2011 when Cape Holdings and Synergy entered into agreements for the purchase of two blocks in the then under-construction development.

Synergy later scaled down the purchase to one block valued at Sh703.2 million before disagreements emerged over project delays and refund claims.

The matter proceeded to arbitration in 2015, where the arbitrator ordered Cape Holdings to refund Sh1.66 billion covering principal sums, interest, opportunity costs and foreign exchange losses.

The legal battle has spanned years.

Safaricom has updated its recently launched all-in-one mobile application to allow customers using Wi-Fi and rival mobile networks’ data to access services such as sending money and paying bills.

Phone users with mobile data from networks such as Airtel or Wi-Fi can now log in to the ‘My One App’, easing restrictions that had locked out diaspora customers and users outside Safaricom’s network.

Tests by Business Daily show that the app now supports Face ID and fingerprint verification for transactions, replacing the earlier version that relied solely on manual PIN entry, which had sparked concerns.

Kenya’s largest telco began migrating customers from its standalone M-Pesa application to the new ‘My One App’ last month.

Network shift

The app combines M-Pesa mobile money services such as sending money, bill payments, loans and savings with customer management tools such as home internet accounts, which were previously housed in a separate MySafaricom app.

But the initial rollout drew complaints from users after the app worked only on Safaricom mobile data, effectively locking out customers using Wi-Fi, rival networks such as Airtel Kenya, virtual private networks (VPNs), or those accessing services from outside Kenya without roaming bundles.

Users were unable to access key services including sending money to other M-Pesa users, withdrawing funds from M-Pesa wallets and M-Shwari accounts, paying for goods and services, accessing investment products, and managing home internet accounts.

The restrictions also meant users were automatically signed out whenever they lost Safaricom connectivity or switched to another network, forcing them to reconnect using Safaricom data bundles.

The telco acknowledged the complaints on April 16 and said it was working to resolve them.

The updated version of the app, however, still requires customers to be on the Safaricom network during the initial setup and authentication process.

To activate the app, users must set their Safaricom line as SIM1 on their devices and log into the app while connected to Safaricom mobile data.

Last month, the company automatically logged users out of the old M-Pesa app as part of the migration process, requiring them to re-authenticate their accounts using one-time passwords (OTPs) sent to their Safaricom SIM cards.

M-Pesa supports millions of person-to-person transactions daily. In the year ending March 2026, M-Pesa revenue rose 13.4 percent to Sh182.7 billion, accounting for 45.6 percent of Safaricom’s sales.

Besides M-Pesa, data is also one of Safaricom’s fastest-growing revenue lines. Revenue from mobile data in the 12 months rose 14.4 percent to Sh83.3 billion, while fixed internet revenue from homes and offices rose 12.2 percent to Sh20.2 billion.

The telco hopes that consolidating payments, savings and lending into a single app, amid increased smartphone usage, will boost uptake of its products.